If turns out to be a rental (which is my expectation) then I will bank the cashflow and work towards the BRRRR strategy to add another property in the near future.What I’ve been doing lately to make dreams realty:-Listened to one or two BP Podcasts a day-Spent tons of spare time on Zillow browsing properties-Identified a single family property that has real potential to be my first deal-Gotten an insurance quote and dug up tax records on the property-Talked to a couple area realtors and chosen one whose background and experience best fits my goals-Toured the property-Crunched tons of numbers based on different scenarios-Arranged a second showing for tomorrow, with a local contractor who will be joining me for the showing to provide a quote on the work that would be needed.I am super excited for tomorrow!

I'm a local HML myself now, but I encourage everyone to develop their own private money in their circles of influence and spend a little time each year putting on a class on how to do it. 

You have 45 days after the sale to identify your potential replacements. 

Still good deals to be had, but developments going on in the downtown are fueling the surrounding areas, revitalization of older warehouses for luxury units, etc.

I think you are doing the right thing by studying the neighborhoods and identifying houses that might stand out. 

I'm wanting one to filter through county land records, identify owners, perform background check to identify any types of contact, then organize that into a excel spreadsheet and return it to me.

Other options might be finding a partner who wants to develop the land (if that is possible) and building a regular home to sell or rent when complete.

Most developers I know are building closer to $400/square foot. 

So an exchange of building into land would be fine as long as his intent was to hold that land as an investment and not to develop and sell lots immediately.I think your idea is a very good one. 

From the day he sells to you he has 45 more days to identify his potential replacements.